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The Water Cooler
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Yeppers.....GM Still Sucks
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<blockquote data-quote="SoonerP226" data-source="post: 2365336" data-attributes="member: 26737"><p>GM might have been restructured, but Chrysler was Dead Man Walking. Their only hope was what happened--being acquired by another manufacturer. </p><p></p><p>I don't have a problem with Uncle Sam backing their play, but what they <em>should</em> have done was what Sen. Corker (R-TN) originally proposed: have the Treasury put up the loan guarantees for pre-packaged bankruptcies. That would have avoided the potentially catastrophic disruption of the automotive industry without us taking the ownership position and subsequent $10.5 billion bath (not counting what we lost in selling Chrysler to Fiat). The biggest problem GM and Chrysler had at the time (aside from the piss-poor management that had gotten them into their respective holes) was that the credit markets were frozen, so there was no private financing available for a pre-pack bankruptcy, but you can't tell me that the same gov't that forced healthy banks to take TARP funds they didn't want (so they could pass the "stress test" audits) couldn't have coerced firms into underwriting the restructuring of GM and restructuring/sale of Chrysler...</p></blockquote><p></p>
[QUOTE="SoonerP226, post: 2365336, member: 26737"] GM might have been restructured, but Chrysler was Dead Man Walking. Their only hope was what happened--being acquired by another manufacturer. I don't have a problem with Uncle Sam backing their play, but what they [I]should[/I] have done was what Sen. Corker (R-TN) originally proposed: have the Treasury put up the loan guarantees for pre-packaged bankruptcies. That would have avoided the potentially catastrophic disruption of the automotive industry without us taking the ownership position and subsequent $10.5 billion bath (not counting what we lost in selling Chrysler to Fiat). The biggest problem GM and Chrysler had at the time (aside from the piss-poor management that had gotten them into their respective holes) was that the credit markets were frozen, so there was no private financing available for a pre-pack bankruptcy, but you can't tell me that the same gov't that forced healthy banks to take TARP funds they didn't want (so they could pass the "stress test" audits) couldn't have coerced firms into underwriting the restructuring of GM and restructuring/sale of Chrysler... [/QUOTE]
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